European stock markets are giving up some of this week's gains ahead of the outcome of the latest policy meeting of the European Central Bank.

Though the bank is not expected to announce any further stimulus measures, traders will be closely monitoring the comments of ECB President Mario Draghi at his subsequent news conference.

Joshua Mahony, market analyst at IG, says "an element of hesitancy is evident within Europe ahead of a clear event risk with the ECB."

Many of Draghi's news conferences have prompted some big reactions in markets, most clearly with regard to the euro. Traders are wondering whether Draghi will try to talk the euro down, possibly by hinting at possible further measures to boost the eurozone economy.

Given that uncertainty, stocks are faltering, with Germany's DAX down 0.4 percent at 10,376 and France's CAC-40 0.6 percent lower at 4,564. The euro meanwhile was flat at $1.13.

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7:30 a.m.

Asian stocks rallied Thursday, lifted by a rise in U.S. stocks following an uptick in oil prices. A weakening of the Japanese yen pushed Tokyo's benchmark higher.